Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Micron (MU) initiated with a Buy at Citi. 2. Owens Corning (OC) initiated with a Buy at Seaport Global. 3. Abiomed (ABMD) initiated with a Buy at Guggenheim. 4. ZELTIQ (ZLTQ) initiated with a Buy at Aegis. 5. Navient (NAVI) initiated with a Hold at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Barclays analyst Terry Ma lowered the firm's price target on Navient to $11 from $13 and keeps an Underweight rating on the shares. The company's Q1 results missed estimates and the earning guidance was lowered as net interest margin continues to face additional headwinds, the analyst tells investors in a research note. The firm thinks Navient's issues and the execution risk around the cost reduction plans will continue to weigh on the shares going forward.

Keefe Bruyette analyst Sanjay Sakhrani lowered the firm's price target on Navient to $17 from $19 and keeps a Market Perform rating on the shares. Following the company's Q1 report, the firm is lowering its 2024 and 2025 EPS estimates, largely to reflect the impact of elevated prepayment rates on FFELP net interest margin.

Sees Q2 EBIT margin 20%. Sees FY24 effective tax rate 24%-26%.

"We have made substantial progress on the three strategic actions launched earlier this year to outsource student loan servicing, explore strategic options for our business processing division, and streamline our shared service infrastructure and corporate footprint," said David Yowan, president and CEO, Navient. "We are nearing completion of a final outsourcing agreement - which will pave the way for the transition of nearly 900 employees to support seamless service for our customers. Further, we expect to be in a position to decide on the options to divest our business processing division. We are beginning to execute our plans for a leaner company. When completed, we believe these actions will simplify our business, reduce our expense base, and increase our financial and operating flexibility."

Sees FY24 interest expense $70M-$80M; effective tax rate on adjusted earnings 24%-26%; capital additions $550M; and depreciation and amortization $550M.